Class
Mutual funds may offer different "classes" of shares. Classes indicate the type and number of fees or expenses a shareholder can expect to pay for shares of a fund.
Class S
No-load share class with no sales charges or 12b-1 fees. Prior to February 1, 2016, Class S shares were named Class I (Institutional) shares.
Class A
Front-end load share class. This fund is not offered as Class A.
Risk Profile
The risk profile within the Thrivent products has been categorized into five levels: Conservative, Moderately Conservative, Moderate, Moderately Aggressive, and Aggressive, ranging from lower risk potential to higher risk potential. Funds on the lower risk portion of the scale (Conservative, Moderately Conservative) are expected to have a lower degree of volatility and price fluctuations while those on the higher risk portion of the scale (Aggressive, Moderately Aggressive) are expected to have a higher degree of volatility and price fluctuations.
Target Allocation
Shows a fund’s long-term target allocations (or mix of securities) based on asset class or world region. Target allocation subject to change.
Morningstar Rating
If shown, the Morningstar star rating is a rating given to mutual funds (and other managed products) by the investment research firm Morningstar. The ratings range from one to five stars, with one being the poorest and five being the best. The ratings are a snapshot of risk-adjusted performance at a point in time and should not be the only thing considered when making a fund selection.
Net Asset Value (NAV)
The NAV is a fund’s value or price per share. The NAV is calculated by dividing the market value of all a fund’s shares (minus its liabilities) by the number of issued shares.
Daily NAV Change
The daily NAV change is the difference between a fund’s current price per share and its price at the time of market close on the prior day.
Returns
Returns are calculated on a year-to-date and trailing 12-month basis. These returns, also known as trailing returns, illustrate a fund's performance over a specific time period, including capital appreciation as well as reinvested dividends and capital gains distributions.
Net Annual Fund Operating Expenses
This figure represents the total percentage of a mutual fund’s assets used to maintain a fund, including operating expenses and management fees. It’s calculated by dividing a fund’s annual net operating expenses by the average dollar value of its assets, and includes the impact of any fee waivers or expense reimbursements that may have been in effect during the time period.
Sales Charges
The commission paid by an investor upon investment in a fund.
Net Asset Value (NAV)
The NAV is a fund’s value or price per share. The NAV is calculated by dividing the market value of all a fund’s shares (minus its liabilities) by the number of issued shares.
Daily NAV Change
The daily NAV change is the difference between a fund’s current price per share and its price at the time of market close on the prior day.
Returns
Returns are calculated on a year-to-date and trailing 12-month basis. These returns, also known as trailing returns, illustrate a fund's performance over a specific time period, including capital appreciation as well as reinvested dividends and capital gains distributions.
Net Annual Fund Operating Expenses
This figure represents the total percentage of a mutual fund’s assets used to maintain a fund, including operating expenses and management fees. It’s calculated by dividing a fund’s annual net operating expenses by the average dollar value of its assets, and includes the impact of any fee waivers or expense reimbursements that may have been in effect during the time period.
Sales Charges
The commission paid by an investor upon investment in a fund.
Thrivent High Income Municipal Bond Fund seeks a high level of current income exempt from federal income taxes.
This Fund invests in a nationally diversified portfolio of municipal bonds of varying credit quality. Municipal bonds are debt securities issued by city, county or state governments to finance projects related to schools, airports, roads, bridges, sewers, hospitals, senior living facilities, etc. Municipal bonds are generally exempt from federal income taxes. The Fund holds at least 50% of its assets in bonds that are unrated or are rated BBB or below, but also has an allocation to higher quality investment-grade bonds. It expects to invest primarily in revenue bonds that are repaid from revenues generated by a project and may also invest in general obligation bonds backed by the issuer’s taxing authority. The Fund may also invest in “tobacco bonds” issued by states to securitize their settlements with tobacco companies. Higher yielding municipal bonds typically have more credit risk and longer duration than investment grade bonds.
The Fund may be suitable for investors who:
Our seasoned team of more than 140 investment professionals brings their deep expertise to managing each fund so you can feel confident in the choices you’re making. More than 80% have at least 10 years of experience, more than 50% have more than 20 years of investment experience, and more than 80% have earned the Chartered Financial Analyst designation, an advanced degree, or both.
Mr. Åkesson joined Thrivent in 1993, and has served as portfolio manager and associate portfolio manager during various time periods since 1999. Read more.
Ms. Woeppel joined Thrivent in 2022, serving as a portfolio manager. Read more.
All data represents past performance. Past performance does not guarantee future results. Investment return and principal value of the investment will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted.
Average Annualized Returns
These returns, also known as trailing returns, illustrate fund performance over a specific time period, including capital appreciation as well as reinvested dividends and capital gains distributions.
All returns greater than one year are annualized; returns for periods of less than one year are not annualized.
Annual Fund Operating Expenses
This figure represents the total percentage of a fund’s assets used to maintain the fund, including operating expenses and management fees. It does not include the impact of any fee waivers or expense reimbursements that may have been in effect during the time period. It’s calculated by dividing the fund’s annual operating expenses by the average dollar value of its assets.
Net Annual Fund Operating Expenses (if applicable)
This figure represents the total percentage of a fund’s assets used to maintain the fund, including operating expenses and management fees. It’s calculated by dividing the fund’s annual net operating expenses by the average dollar value of its assets, and includes the impact of any fee waivers or expense reimbursements that may have been in effect during the time period.
Performance shown assumes the reinvestment of all dividends and capital gains. Performance of other share classes will vary from the results shown based on differences in sales charges and expenses.
The Morningstar average represents the average total return annualized when greater than one year for all reported funds in the category. Morningstar averages do not include sales charges/fees. If included, returns would have been lower.
Any indexes shown are unmanaged and do not reflect the typical costs of investing. Investors cannot invest directly in an index.
The Bloomberg 65% High Grade/35% High Yield Bond Index represents the US municipal bond market. 65% of the index is composed of investment grade municipal bonds with maturities of one year or more. 35% of the index is composed of noninvestment grade or unrated bonds.
Performance shown assumes the reinvestment of all dividends and capital gains. Performance of other share classes will vary from the results shown based on differences in sales charges and expenses.
The Morningstar average represents the average total return annualized when greater than one year for all reported funds in the category. Morningstar averages do not include sales charges/fees. If included, returns would have been lower.
Any indexes shown are unmanaged and do not reflect the typical costs of investing. Investors cannot invest directly in an index.
The Bloomberg 65% High Grade/35% High Yield Bond Index represents the US municipal bond market. 65% of the index is composed of investment grade municipal bonds with maturities of one year or more. 35% of the index is composed of noninvestment grade or unrated bonds.
Thrivent High Income Municipal Bond Fund | Bloomberg 65% High Grade/35% High Yield Index | Morningstar High Yield Muni Avg | |
---|---|---|---|
3M | 3.14% | 2.89% | 3.07% |
YTD | 6.94% | 4.09% | 6.33% |
1Y | 16.13% | 12.78% | 14.69% |
3Y | -0.26% | 0.44% | -0.29% |
5Y | 1.66% | 2.00% | 1.54% |
Since Inception 2/28/2018 | 3.04% | - | - |
Thrivent High Income Municipal Bond Fund | Bloomberg 65% High Grade/35% High Yield Index | Morningstar High Yield Muni Avg | |
---|---|---|---|
3M | 3.14% | 2.89% | 3.07% |
YTD | 6.94% | 4.09% | 6.33% |
1Y | 16.13% | 12.78% | 14.69% |
3Y | -0.26% | 0.44% | -0.29% |
5Y | 1.66% | 2.00% | 1.54% |
Since Inception 2/28/2018 | 3.04% | - | - |
The Adviser has contractually agreed, for a period of one year from the date of the most recent prospectus, to waive certain fees and/or reimburse certain expenses associated with the Fund. Refer to the Fees & Expenses table in the Fund’s prospectus. If this waiver had not been in effect, performance would have been lower.
12-Month Distribution
The sum of a fund’s total trailing dividend distributions for the last 12 months, divided by its net asset value or share price at the end of the period.
30-Day SEC
A standardized yield calculation developed by the Securities and Exchange Commission (SEC). It captures the net investment income earned by a fund over a 30-day period, after the deduction of a fund’s expenses. It’s an annualized percentage, based on a fund's share price on the last day of the period. Since share prices and yields are subject to fluctuation, current yields should not be considered an indication of future results.
30-Day SEC Pre-Waiver (if applicable)
This yield calculation is similar to the 30-day SEC yield but shows what a fund’s yield would be without any fee waivers or expense reimbursements.
Monthly Distribution
The sum of a fund’s total trailing dividend distributions for the most recent month, divided by its net asset value or share price at the end of the period, annualized.
Federal Tax Bracket
The rate in which income is taxed at the federal level. The lower the income, the lower the tax bracket. The higher the income, the higher the tax bracket.
Taxable-Equivalent 12-Month
The taxable-equivalent 12-month yield is calculated by taking the 12-month yield and dividing it by the difference of the tax rate subtracted from 1.
Taxable-Equivalent 30-Day SEC
The taxable-equivalent 30-day SEC yield is calculated by taking the SEC yield and dividing it by the difference of the tax rate subtracted from 1.
Taxable-Equivalent 30-Day Distribution
The taxable-equivalent 30-day distribution yield is calculated by taking the 30-day distribution and dividing it by the difference of the tax rate subtracted from 1.
Federal Tax Bracket | Taxable-Equivalent 12-Month | Taxable-Equivalent 30 Day SEC | Taxable-Equivalent 30 Day Distribution |
---|---|---|---|
12.00% | 4.49% | 4.50% | 4.52% |
22.00% | 5.06% | 5.08% | 5.10% |
24.00% | 5.20% | 5.21% | 5.24% |
32.00% | 5.81% | 5.82% | 5.85% |
38.80% | 6.45% | 6.47% | 6.50% |
40.80% | 6.67% | 6.69% | 6.72% |
Growth of $10,000
A fund’s performance over the past 10 years or since a fund’s inception (if less than 10 years), based on how an initial $10,000 investment would have changed over time. Performance shown assumes the reinvest of all dividends and capital gains. Performance of other share classes will vary from the results shown based on differences in sales charges and expenses.
Date | $∆ | %∆ | Total Market |
---|---|---|---|
2024 | +2,185.81 | +21.86% | $12,185.81 |
2023 | +1,395.02 | +13.95% | $11,395.02 |
2022 | +548.08 | +5.48% | $10,548.08 |
2021 | +2,438.48 | +24.38% | $12,438.48 |
2020 | +1,669.79 | +16.70% | $11,669.79 |
2019 | +1,310.89 | +13.11% | $11,310.89 |
2018 | +269.28 | +2.69% | $10,269.28 |
Calendar Year Performance
A fund’s performance over each previous calendar year. The annual total returns are calculated on a calendar-year basis, and include both capital appreciation and dividends. Periods of less than one year are not shown.
Performance shown assumes the reinvestment of all dividends and capital gains. Performance of other share classes will vary from the results shown based on differences in sales charges and expenses.
The Morningstar average represents the average total return annualized when greater than one year for all reported funds in the category. Morningstar averages do not include sales charges/fees. If included, returns would have been lower.
Any indexes shown are unmanaged and do not reflect the typical costs of investing. Investors cannot invest directly in an index.
The Bloomberg 65% High Grade/35% High Yield Bond Index represents the US municipal bond market. 65% of the index is composed of investment grade municipal bonds with maturities of one year or more. 35% of the index is composed of noninvestment grade or unrated bonds.
Performance shown assumes the reinvestment of all dividends and capital gains. Performance of other share classes will vary from the results shown based on differences in sales charges and expenses.
The Morningstar average represents the average total return annualized when greater than one year for all reported funds in the category. Morningstar averages do not include sales charges/fees. If included, returns would have been lower.
Any indexes shown are unmanaged and do not reflect the typical costs of investing. Investors cannot invest directly in an index.
The Bloomberg 65% High Grade/35% High Yield Bond Index represents the US municipal bond market. 65% of the index is composed of investment grade municipal bonds with maturities of one year or more. 35% of the index is composed of noninvestment grade or unrated bonds.
Date | Thrivent High Income Municipal Bond Fund | Bloomberg 65% High Grade/35% High Yield Index | Morningstar High Yield Muni Avg |
---|---|---|---|
2023 | 8.03% | 7.39% | 6.48% |
2022 | -15.20% | -10.14% | -13.71% |
2021 | 6.59% | 3.67% | 5.44% |
2020 | 3.17% | 5.20% | 3.60% |
2019 | 10.14% | 8.63% | 9.10% |
All data represents past performance. Past performance does not guarantee future results. Investment return and principal value of the investment will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted.
Total Number of Holdings
The number of different investment products that make up a fund’s portfolio.
Turnover Ratio
The percentage of a fund’s holdings over the trailing 12 months that have been traded out or replaced with other holdings. The turnover ratio is calculated by dividing the lesser of long-term purchases or long-term sales by average long-term market value.
Top 10 States
A fund’s top 10 state holdings by percentage of the total assets. (Updated monthly with 30-day lag)
Fund Diversification
The market sector breakdown by percentage that makes up a fund’s portfolio. (Updated quarterly)
Credit Quality Rating Distribution
The higher of the bond ratings assigned by Fitch Ratings, Inc., Moody’s Investor Services, Inc. or Standard & Poor’s® Financial Services, LLC (S&P). Investments in derivatives and short-term investments aren't included.
High Quality (HQ) Bonds
These bonds are also called Investment Grade bonds. They’re considered low risk due to the bond issuer’s ability to pay the bond’s interest and principal without defaulting.
High Yield (HY) Bonds
These bonds are considered a higher risk than high quality bonds, but also pay a higher yield.
Non-Rated (NR) Bonds
These bonds are non-rated because the bond issuers don’t have a credit rating with either Moody’s or S&P.
HQ/HY/NR Bonds
Exchange Traded Funds (ETFs) and closed-end funds ratings aren’t currently being provided.
© 2024 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
A high rating does not necessarily imply that a fund had the best total performance or that the fund achieved positive results for that period. Morningstar rating is for the named share class only; other classes may have difference performance characteristics. Please see the Performance section for results as of the most recent month- and quarter-end.
Overall Risk vs Category
An assessment of the variations in a fund's monthly returns in comparison to similar funds, with an emphasis on downward variation. The greater the variation, the larger the risk score. If two funds have the exact same return, the one with greater variations in its return is given the larger risk score. In each Morningstar Category, the 10% of funds with the lowest measured risk are described as Low Risk, the next 22.5% Below Average, the middle 35% Average, the next 22.5% Above Average, and the top 10% High. Morningstar Risk is measured for up to three time periods (three-, five-, and 10-years). These separate measures are then weighted and averaged to produce an overall measure for the fund. The score shown is the overall measure. Funds with less than three years of performance history are not rated.
Overall Return vs Category
An assessment of a fund's excess return over a risk-free rate (the return of the 90-day Treasury bill) in comparison to similar funds, with an emphasis on downward variation. Therefore, if two funds have precisely the same return, the one with greater variations in its return is given the lower return score. In each Morningstar Category, the top 10% of funds earn a High Morningstar Return, the next 22.5% Above Average, the middle 35% Average, the next 22.5% Below Average, and the bottom 10% Low. Morningstar Return is measured for up to three time periods (three-, five-, and 10-years). These separate measures are then weighted and averaged to produce an overall measure for a fund. The score shown is the overall measure. Funds with less than three years of performance history are not rated.
Morningstar ratings are calculated based on risk-adjusted return.
Dividends | Month End Nav | |
---|---|---|
October 2023 | $0.0324 | $8.59 |
November 2023 | $0.0306 | $9.23 |
December 2023 | $0.0303 | $9.48 |
January 2024 | $0.0348 | $9.50 |
February 2024 | $0.0307 | $9.51 |
March 2024 | $0.0298 | $9.53 |
April 2024 | $0.0355 | $9.38 |
May 2024 | $0.0333 | $9.44 |
June 2024 | $0.0303 | $9.63 |
July 2024 | $0.0358 | $9.69 |
August 2024 | $0.0325 | $9.74 |
September 2024 | $0.0332 | $9.83 |
Trailing 12-Months; Dividend Schedule: Declared Daily, Paid Monthly
A capital gain is a profit that a fund realizes by selling securities for a price higher than at which they were purchased.
Short-Term Capital Gain Distributions
Capital gains paid on assets held by a fund for one year or less.
Long-Term Capital Gain Distributions
Capital gains paid on assets held by a fund for more than one year.
Record date | Short term capital gains | Long term capital gains | Total |
---|---|---|---|
- | - | - | - |
Management Fees and Other Expenses
This figure represents the total percentage of a mutual fund's assets paid to the investment adviser for portfolio management and investment services (the "management fee"), "Acquired Fund Fees and Expenses" (if a fund invests in other mutual funds or investments with management fees), plus "Other Expenses" such as custodial, transfer agency, legal, accounting and administrative fees that are required to operate a fund. For more information, please see the prospectus or Statement of Additional Information.
Distribution/12b-1 Fee (May not apply. See prospectus for more details)
This is an annual marketing or distribution fee on a mutual fund. This is an operational expense, so it’s included in a fund's expense ratio.
Total Annual Fund Operating Expenses
This figure represents the total percentage of a mutual fund’s assets used to maintain a fund, including operating expenses and management fees. It does not include the impact of any fee waivers or expense reimbursements that may have been in effect during the time period. It’s calculated by dividing a fund’s annual operating expenses by the average dollar value of its assets.
Less Waiver (May not apply. See prospectus for more details)
Certain funds may be subject to an expense waiver, or the amount a fund's Adviser waives or assumes to keep a fund's expenses low.
Net Annual Fund Operating Expenses
This figure represents the total percentage of a mutual fund’s assets used to maintain a fund, including operating expenses and management fees. It’s calculated by dividing a fund’s annual net operating expenses by the average dollar value of its assets, and includes the impact of any fee waivers or expense reimbursements that may have been in effect during the time period.
Management Fees and Other Expenses | 1.22% |
Distribution/12b-1 Fee | None |
Total Annual Fund Operating Expenses | 1.22% |
Less Waiver | (0.62%) |
Net Annual Fund Operating Expenses | 0.60% |
Redemption Fee
A fee charged for withdrawing money from a mutual fund. These fees are usually used to discourage shareholders from making too many sales in a short period of time.
Transaction Fee
A fee charged by a broker or other intermediary for assistance in purchasing or selling shares of a fund.
Low Balance Fee
A fee charged to offset expenses incurred when maintaining low balance accounts.
Due to the high cost to shareholders of maintaining accounts with low balances, the transfer agent may, by redeeming shares, charge a semiannual fee of $10 if the value of shares in the account falls to an amount below the fund minimum. See the Prospectus for more details.
Redemption Fee | None |
Transaction Fee | None |
Low Balance Fee | $10 semiannually |
Front-End Sales Charge
The sales charge applied at the time of an initial purchase of mutual fund shares. The charge is deducted from the amount being invested, so a front-end load lowers the size of the investment.
Back-End Sales Charge
The fee paid when selling shares in a mutual fund within a set number of years, often five to 10 years. The fee amounts to a percentage of the value of the share being sold. The fee percentage is highest in the first year and decreases yearly until the specified holding period ends, at which time it drops to zero.
Front-End Sales Charge | None |
Back-End Sales Charge | None |
The Adviser has contractually agreed, for a period of one year from the date of the most recent prospectus, to waive certain fees and/or reimburse certain expenses associated with the Fund. Refer to the Fees & Expenses table in the Fund’s prospectus. If this waiver had not been in effect, performance would have been lower.
Initial Minimum Investments
The minimum amount of money needed to first invest in a mutual fund.
Additional Purchases Amount
After the initial minimum investment has been made, ongoing purchases of shares can happen at a much lower amount.
Recurring Investments
This indicates the smallest amount with which you may enter a fund’s automatic recurring plan. You can arrange for the fund to receive money from your checking account on a monthly, quarterly, semiannual, or annual basis.
Initial for non-retirement accounts | $2,000 |
Initial for retirement or tax deferred accounts | $1,000 |
Additional Purchases | $50 |
Due to rounding, some values may not total 100%.